Estate planning requires far more skill than a few years ago. Like so many things in life, you get what you pay for. All too often, people thought they were saving money by using a "will kit", only to cost their estate tens of thousands of dollars when drafting errors cause the will to end up in Court. The importance of a will cannot be understated as without a will the government decides on what to do with your estate. Don’t delay making a will or updating your current will.
Even with simple wills, it is important to ensure that the will reflects your wishes, and that all possibilities have been covered. We can assist you in your estate planning as a way of building wealth during your working life, have sufficient funds for a comfortable retirement and ensuring that your assets are ultimately distributed exactly as you wish to your family members and other beneficiaries.
Your estate may include assets which are not in your name, and will not come under your will, for example, superannuation, trusts or business interests.
Minimising the amount of tax your estate and beneficiaries may pay depends on effective estate planning. Superannuation passing to your beneficiaries may or may not be taxed, depending on how your estate is structured. Capital gains tax may also depend on the wording of your will.
Simply leaving your estate to your spouse or children exposes your hard-earned assets to being lost if your beneficiaries end up in the Family Court or become bankrupt.
The law allows your will to be challenged, if it does not make provision for certain members of your family. This even includes ex-spouses and the de facto. Effective estate planning minimises these risks.
You should also cover what should happen to your estate, and who should be able to make personal decisions on your behalf if you lose your mental capacity. Without a power of attorney strangers may be appointed to look after your affairs in the event of sickness or infirmity. Don’t entrust your affairs to a stranger.
We can give practical, accurate, easy to understand advice, to guide you to an effective outcome giving maximum benefits and protection to your loved ones.
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